The CBRE National Senior Housing Investment Properties team completed the sale of two Class-A communities in the last couple of weeks of December. Not only that, CBRE’s Debt & Structured Finance team helped finance both transactions.
First, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Harrison Street and Bridgewood Property Company in the joint venture’s sale of The Village at River Oaks in Houston, Texas. Opened in 2017, the mid-rise community features 198 units of independent living, assisted living and memory care. CBRE had been involved with the property since arranging development financing for it in 2015. In August 2019, the firm then refinanced that debt with a $55.5 million loan, with a four-year term and floating interest rate, provided by a national bank.
Blue Moon Capital Partners, in a joint venture with Bridgewood, purchased the community for an undisclosed price, securing a seven-year, non-recourse loan from a regional bank to fund the deal. The loan came with a floating rate and 48 months of interest only. Bridgewood’s wholly owned management company, The Aspenwood Company, will continue as the operator. Aron Will, Tim Root and Michael Cregan of CBRE helped arrange the financing.
Next, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray sold HarborChase of Prince William Commons in Woodbridge, Virginia (Washington, D.C.). Senior living developer Silverstone Senior Living and real estate investor Lionstone Investments sold the property to Artemis Real Estate Partners, which obtained a five-year, $31.2 million loan from a regional bank to finance the purchase. Messrs. Will, Root and Cregan arranged the loan to feature a fixed interest rate and 24 months of interest only.
Built in 2018, the 127-unit HarborChase of Prince William Commons has assisted living and memory care units in three stories. It will be operated by Atlanta-based The Arbor Company going forward.
